In September, South Korea’s exports showed signs of stagnation, as shipments to the U.S. slowed down. This development could reinforce market anticipations for a potential monetary policy easing as early as the upcoming week.
The customs service agency reported on Tuesday that South Korea’s exports rose by 7.5% in September compared to the same period last year, exceeding analysts’ consensus estimate of 6.5% but marking a slowdown from the 11.2% growth recorded in the prior month.
The result was propelled by a decreased growth rate of shipments to the United States at 3.4% in September, following a substantial 11% increase in August.
Tuesday’s data came amid anticipations that the Bank of Korea may cut policy interest rates from 3.50% at the forthcoming rate-setting meeting next Friday, with market concerns about economic growth outweighing worries about inflation.
Meanwhile, imports surged by 2.2%, slightly below analysts’ prediction of 3.0% growth, and the preliminary trade surplus expanded to $6.66 billion from $3.77 billion from a month ago.
